Tradeweb Executes First Real-Time Tokenized US Treasury Trade Settled Against USDCx

Tradeweb, an institutional electronic trading platform, has executed an onchain transaction involving tokenized US Treasuries, with Franklin Templeton transferring a tokenized Treasury security to Virtu Financial in exchange for tokenized cash over the Canton Network.

Tradeweb provided execution and price discovery, while the Canton Network synchronized settlement between the tokenized Treasury and tokenized cash. The companies said the trade settled in real time, but did not disclose its size.

A Tradeweb spokesperson told Cointelegraph the deal marked the industry's first real-time purchase and sale of a tokenized US Treasury settled against USDCx, a USDC-backed stablecoin issued on Canton. Participants included Blockdaemon, Digital Asset, Societe Generale, Franklin Templeton, Tradeweb and Virtu Financial.

According to the announcement, the transaction precedes the planned launch of the Depository Trust & Clearing Corporation (DTCC) Tokenization Services later this year. DTCC said the service will allow participants to tokenize select stocks, exchange-traded funds (ETFs) and US Treasury securities while maintaining the same investor protections and ownership rights as traditional assets.

Related: Franklin Templeton launches dedicated crypto division after closing 250 Digital acquisition

The transaction is also the latest step in Franklin Templeton's expansion into tokenized financial assets. Earlier this year, the asset manager partnered with Binance to let institutions use tokenized money market fund shares as trading collateral while the assets remained in regulated custody, and with Ondo Finance to bring tokenized ETFs onto blockchain networks.

Governments expand tokenized bond initiatives

Governments have also been expanding efforts to bring sovereign debt onto blockchain infrastructure. Several jurisdictions have launched digital bond programs to test blockchain-based issuance, settlement and market infrastructure.

Hong Kong was among the first jurisdictions to issue tokenized government bonds, launching its inaugural digital green bond in 2023. The government completed its third digital green bond issuance in November 2025, raising HK$10 billion ($1.3 billion) across four currencies, which it said was the world's largest digital bond issuance at the time.

Last month, Hong Kong said it would build a digital asset platform through the Hong Kong Monetary Authority to support the issuance and settlement of tokenized bonds, with plans to expand the infrastructure to other digital assets and connect it with tokenization platforms across the region.

Elsewhere, the UK government appointed HSBC Orion to support its Digital Gilt Instrument pilot, which is designed to test blockchain-based issuance, settlement and secondary trading of government bonds.

Meanwhile, tokenized US Treasury products have grown into a $14.6 billion market, according to data from RWA.xyz. The sector spans 84 on-chain products and is the largest segment of the tokenized real-world asset market.

Tokenized US treasuries. Source: RWA.xyz